World News: 19:05 GMT Tuesday 28th May 2019. [Faruqi & Faruqi LLP via Globe Newswire via SPi World News]
NEW YORK, May 28, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Taronis Technologies, Inc. (“Taronis” or the “Company”) (NASDAQ:TRNX) of the June 14, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of all those who purchased Taronis common stock between January 28, 2019 and February 12, 2019 (the “Class Period”). The case, No. 19-cv-00889 was filed on April 15, 2019, and has been assigned to Judge Charlene Edwards Honeywell.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company did not have a contract with the City of San Diego; and (2) the Company or its management had engaged in a scheme to defraud.
On February 12, 2019, the Company issued a Form 8-K, noting that the “Company has determined that it is necessary to correct its prior disclosure . . . The Company treats purchase orders as contracts and made its prior disclosure with that treatment in view, however, the Company does not have any formal binding contracts, agreements or long-term purchase commitments with the City of San Diego beyond the existing approval, nor any commitment that any of the Company’s products will be purchased as the products of choice for their respective applications.”
On this news, the Company’s stock price fell precipitously, causing investors to suffer damages.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Taronis’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Globe Newswire: 19:05 GMT Tuesday 28th May 2019
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